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Home Preservation Program
Saturday, October 22, 2005
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Click Here to Register for FREE Classes |
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Room B204: Should I Refinance or Move?
This session will give you a better understanding of your options to refinance or move. It will enable you to make the right decisions beneficial to your present situation.
You’ll learn:
- Pros and cons of refinancing
- Difference between a first mortgage, stand alone second or an equity line and which product to choice that would fit your needs due to your present circumstance.
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Room B208: Knowing Your Rights (Who do you call for help?)
This session defines the role of both state and federal regulators that has oversight of financial institutions. The session will give an overview of the responsibilities of the Department of Banking and Finance, The Federal Reserve Bank of Atlanta, and Office of Thrift Supervision, and the Office of Comptroller of Currency.
You’ll learn:
- Who has oversight of implementing Georgia’s predatory lending laws when a crime has been committed
- What’s the difference between the state and federal regulatory agencies
- Where do you go to get help?
- How do you file a complaint with the various regulatory agencies
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Room B212: Creative Financing Vs. Traditional (Why should I pick one over the other)
Do you have perfect credit, or impaired credit? This session will define creative and traditional financing. It will show you how your Lender can best assist you creatively in obtaining a Mortgage Loan to fit your needs.
You’ll learn:
- Pros and cons of creative and traditional financing
- Nonconforming versus conforming and what that may mean to you in obtaining financing.
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Room B214: Understanding the implications of ARMS, Fixed Rates, Balloons, and Negative Amortization
This session will give you a better understanding of types of features as it relates to ARMS, fixed rates, balloons, and negative amortization. You’ll learn:
- To determine whether or not you should accept a Government Arm versus a Libor and if that Arm will meet your needs.
- To determine whether you will be able to handle a fluctuating interest rate that may significantly change over time.
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Room B217: Who is really getting my mortgage payments (Understanding the role of investors?)
This session will explain the difference between investors versus services and the roles they play.
You’ll learn:
- There are differences from investor to investor as well from service to service.
- Loss mitigation options may differ from investor to investor
- The steps you should take to learn about your investor and/or servicer.
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Room B218: How to complete a Uniform Residential Mortgage Application for mortgage approval success
Do you know that incomplete or incorrect information on your Uniform Residential Mortgage Application may be the primary reason for your loan denial? You’ll lean:
- How to complete a detail Uniform Residential Mortgage Application.
- What is the significance of signing your Mortgage Application upon completion?
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Room B204: Understanding Homestead Exemptions & Tax Liens
This session will focus on the benefits of filing your homestead exemptions, when to file and the tax lien process. You’ll learn:
- How do you determine which homestead exemptions you are eligible for
- The tax lien process in-depth
- How to recover your property once sold due to liens?
- How to locate your Tax Commissioner and Tax Assessor Offices
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Room B208: Pitfalls to Various Loan Products and program Highlights
Do you know the stumbling blocks of your loan product? This session will give you a better understanding of loan products and how it may negatively impact you.
You’ll learn:
- Loan Program highlights
- How mortgage programs designed for borrowers with credit that does not meet conventional guidelines or required non-conventional terms and what negative impact they may have.
- What may seem attractive today may not be attractive tomorrow.
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Room B212: Available Resources for Housing Counseling
How do I seek available resources to meet my needs? This session will give you a better understanding of resources available and where to seek such resources.
You learn:
- Types of counseling available
- Which non-profit agencies will meet your particular needs?
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Room B214: Are you or your property eligible or ineligible for Refinancing?
How lenders determine whether the borrower or property is eligible or ineligible for refinancing. This session will teach you how to match loan products to eligibility.
You’ll learn:
- Criteria lenders use to determine eligibility or ineligibility for the Applicant
- Criteria lenders use to determine eligibility or ineligibility for the Property
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Room B217: Understanding Loan Documentation for Refinancing
Do you know that the inability of the borrower to understand Loan Documentation requirements can lead to Mortgage Loan denial? This session will teach you what documents are required for submission to the underwriter and what alternative documentation is acceptable.
You’ll learn:
- The meaning of full doc versus State doc and/or a no doc loans
- Acceptable asset (i.e., bank statements, IRA, Retirement, etc...) documentation and it usages in underwriting your loan.
- Acceptable income (i.e., payroll stubs, W2’s, Tax returns, etc...) documentation and it usages in underwriting your loan.
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Room B218: Understanding Appraisal Requirements and Guidelines
Do you know why as a borrower you are forbidden from ordering and using your own appraisal report. In this session you will understand why lenders required that they order all appraisals being used to obtain financing.
You’ll learn:
- What triggers “red flags” under appraisal review that may prohibit final approval for refinancing
- What may cause your property to decrease in value based on appraisal being performed in your neighborhood?
- Why “flips” may over inflate the value of all surrounding properties, which may cause damage to the community at large, impacted by a large number of foreclosures.
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Room B204: Understanding Bankruptcy, its laws and implications
Seen all those T.V. advertisement about filing bankruptcy? Thinking about filing bankruptcy? This session will provide basis information about bankruptcy laws and the immediate and long-term impact filing bankruptcy could have on you.
You’ll learn
- What is Chapter 13 and Chapter 7
- What happens to my home if I file bankruptcy
- What is reported to the credit bureau if I file bankruptcy
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Room B208: What is the Difference between a Lender and a Mortgage Broker?
As a borrower why should I use a Mortgage Broker versus a Direct Mortgage Lender? In this session you will get an understanding as to whether or not it beneficial to use a Mortgage Brokers versus a Lender.
You’ll learn
- The relationship between lenders and mortgage brokers in their respective roles
- Do I qualify for a Loan using a Direct Lender, who may only accept “A” grade borrowers
- Do I qualify for a Loan using a Mortgage Broker who may be able to obtain financing for borrowers with impaired credit?
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Room B212: Using Your Home Equity Wisely
When should you use your home equity and when will I see a break even analysis. This session will teach you how to calculate the cost of using your equity in your home long term.
You’ll learn:
- How to maximize your home equity to your benefit
- Should I refinance to eliminate or reduce debt utilizing my home equity and how much will it cost me.
- How seniors 62 and older can use the equity in their home to help with everyday expenses.
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RoomB214: Tips on Avoiding Residential Foreclosures
Are you experiencing financial difficulties in paying your mortgage? Not sure what to do or where to go. This session will provide necessary tips and resources to prevent residential foreclosures.
You’ll learn:
- What are the first steps in making timely mortgage payment
- What are the first steps in preventing residential foreclosures
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Room B217: Identifying Predatory Lending & Scams
Will you be a victim to Predatory Lending and/or a Scam? This session will teach you how to avoid Predatory Lending practice as well as scams.
You’ll learn:
- What is considered predatory lending and how to avoid scams
- Common scams committed in today’s housing industry
- Where to go for help
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Room B218: Introduction to the "Stop Before You Borrow" Campaign ( A Fulton County Government Initiative)
Fulton County implemented the “Stop Before You Borrow” campaign to educate existing homeowners and potential borrowers of the different mortgage products and pitfalls. The main objective of this campaign is to reduce the number of residential foreclosures.
You’ll learn:
- How to exercise caution before taking out a loan
- How not to be pressured (bullied) into borrowing more money than you can afford to repay
- The role Fulton County plays in this initiative
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Click Here to Register for FREE Classes |
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